The Logistics Of Relocating When You Own...

[Poety]

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Hi Everyone,

I have a question for those of you who may own your own home already. If you have or plan on moving to a new state, and you are using your down payment from the sale of the house - how are you accomplishing this in one transaction?

Did you rent first? What about animals? Any input would be great thanks! 😕

 

[OldPsychDoc]

Hi Everyone,

I have a question for those of you who may own your own home already. If you have or plan on moving to a new state, and you are using your down payment from the sale of the house - how are you accomplishing this in one transaction?

Did you rent first? What about animals? Any input would be great thanks! 😕

First off, use a good realtor to sell your home. It feels painful to take that commission off of your "profit" but selling on your own is a nasty pain. I also gather from your question that you would benefit from the professional guidance involved.

It will always be two transactions. If you sell first, then you deposit the money and rent or whatever. If you find a place in your new location that you want to buy before your current home sells, one can often arrange a "bridging loan" that is closed out when you sell your home. Talk to a realtor and others who have been through this before. I've done it twice and it's always complicated and never pretty, but it works out in the end. Good luck.

 

[Poety]

First off, use a good realtor to sell your home. It feels painful to take that commission off of your "profit" but selling on your own is a nasty pain. I also gather from your question that you would benefit from the professional guidance involved.

It will always be two transactions. If you sell first, then you deposit the money and rent or whatever. If you find a place in your new location that you want to buy before your current home sells, one can often arrange a "bridging loan" that is closed out when you sell your home. Talk to a realtor and others who have been through this before. I've done it twice and it's always complicated and never pretty, but it works out in the end. Good luck.

AHA! The bridging loan - I forgot all about that. Do I need to come up with a down payment to get it? I could probably only muster up around 30,000 to put down on a 250,000 property until I sold my home, when I could increase that down payment substantially.

It IS painful - I closed on two properties at once while my husband sat in the rent-a-truck with our animals. PAINFUL, I can't believe I'm still married

Anyway, I was hoping to avoid that type of scuffle, but I guess you can't.

Thanks for the advice oldpsychdoc!

😛